KARACHI: The government of Balochistan province has granted Pakistan Petroleum Limited (PPL) for large scale mining of Lead and Zinc, according to a communication received by Pakistan Stock Exchange (PSX) on Monday.
The PPL said that company had been granted a large scale mining lease for Lead and Zinc, in District Khuzdar, by the government of Balochistan and in this regard a large scale mining Lease Deed had been executed, for large scale mining and establishment of Lead-Zinc processing plant in district Khuzdar, Balochistan over an area covering 30 square kilometers (7,413.16 acres).
The company said that the lease is valid for a term of thirty (30) years and shall be operated by Bolan Mining Enterprises, a 50:50 Joint Venture between PPL and the provincial government.
The estimated reserves of barite, lead and zinc are 69 million tons as per bankable feasibility by a renowned German Consultant, over a portion of the leased area.
The project would entail open pit mining with an ore beneficiation / process plant.
Positive cashflows are expected from year 3 while the estimated project life is 32 years.